Crisis Resilience of Startup Companies (The Case of Hungary among the Visegrad Countries with a Focus on the Pandemic)

Abstract

The study examines the crisis resilience of startup companies in Hungary among the Visegrad countries as a result of the pandemic situation. It aims to provide guidance on what support is needed for startups in the post-crisis period to re-launch the economy and to contribute to the region’s economy with positive results. The research was carried out in two stages: first, in 2021 through an online survey, and then, in 2022 in-depth interviews due to the economic crisis caused by COVID-19 and the Russian–Ukrainian war. A mixed research methodology was used, which comprised an online questionnaire administered in the Crunchbase database (n = 97) and in-depth interviews among startup founders and experts of the startup ecosystem (n = 22). The research summarizes the V4 countries’ measures to protect entrepreneurship with a particular focus on startups. The research found that a crisis such as a pandemic did not have a uniformly negative impact on startups. The winners of the economic crisis are startups in IT, healthcare (Medtech. health-tech), e-commerce and digital education, while those who fared worst are startups in tourism and hospitality. The positive impact of the crisis has been a cleansing of the startup ecosystem. Business support measures supported the viable startups and helped them survive.